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clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation C3.ai, Inc. (“C3”) and
therefore stand to realize significant gains in the event that the price declines. Following publication of any presentation, report or letter, we intend to continue transacting in
the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. All expressions of opinion are subject to
change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. Spruce Point Capital
Management, subscribers and/or consultants shall have no obligation to inform any investor or viewer of this report about their historical, current, and future trading
activities.
This research presentation expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly
available information, and all of which are set out in this research presentation. Any investment involves substantial risks, including complete loss of capital. There can be no
assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any
forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any
information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of
statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC’s control.
This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC’s research is at your own risk. You should do
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covered herein. All figures assumed to be in US Dollars, unless specified otherwise.
To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and does not omit to state material facts necessary to
make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or
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